The Financial Services Regulatory Authority of Ontario (FSRA) is making the supervision of Ontario’s credit unions more transparent and effective.
FSRA is holding a 90-day consultation on its Proposed Sound Business and Financial practices of Credit Unions and Caisses Populaires Rule
The Sound Business and Financial Practices of Credit Unions and Caissess Populaires Rule introduces a principles-based approach to business and financial practices by setting outcomes for:
- Member governance
- Board of Directors governance
- Senior management
- Operational management
- Internal audit, compliance, and finance functions
- Enterprise risk management
- Subsidiary governance
The Proposed Rule will be made under the new Credit Unions and Caisses Populaires Act, 2020, once proclaimed into force. It will replace Deposit Insurance Corporation of Ontario (DICO) By-Law No. 5.
FSRA is holding a 90-day consultation. FSRA invites comments from June 14, 2021 to September 14, 2021. FSRA is hosting a technical briefing on June 24, 2021 for interested parties. Please register at FSRA's Live Webinar on Ontario's Proposed New Credit Union Rules
Review the Proposed Rule and provide your comments by selecting “Submit a comment or ask a question.”
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